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Income Tax - Highlights / Catch Notes

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Addition u/s 68 - When Appellant is doing business, then it was ...

Income Tax

August 28, 2017

Addition u/s 68 - When Appellant is doing business, then it was incumbent on him to maintain proper books and/ or books of account. It may be in any form. Therefore, if he had not maintained it, then he can not be allowed to take advantage of his own wrong - HC

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  2. Rejection of books of account - trading addition - Assessee cannot claim advantage of lesser addition by getting the books rejected year after year and avoiding the...

  3. Addition u/s 68 - assessee is not required to maintain proper books of accounts since he has opted for presumptive taxation u/s 44AD - Since the assessee is admittedly...

  4. Addition u/s. 68 - interest in bank statement and pass book - absence of the books of accounts maintained - AO in this case has not observed or place on record as...

  5. Penalty u/s 271A and u/s 271B - not maintaining books of account and for not getting the booking of account audited as provided u/s 44AB - Penalties levied u/s 271A for...

  6. Penalty u/s 271A - Non maintaining the books of account - Penalty u/s 271B - non-audit of books of accounts - It is clearly a case of impossibility of performance where...

  7. Addition u/s 69A - respondent/assessee is a Non-Resident Indian and his source of income in India being from interest on bank accounts and interest on income tax refund...

  8. Penalty u/s 271B - failure to get the books of accounts audited u/s 44AB - addition made during the assessment proceedings on the basis of unaccounted sale cannot be...

  9. Unexplained bank deposit u/s 68 - bank passbook - After the introduction of the definition of the books or books of account u/s 2 (12A), the passbook can also be...

  10. Denial of Exemption u/s. 11 - non maintaining of separate ledger accounts - assessee is maintaining separate ledger for earning this income and also maintaining separate...

  11. Since the assessee had no business income, no books of account were maintained and the addition was made only on the basis of the assessee’s pass book, which is not a...

  12. Addition u/s 28 - difference between receipts as per 26 AS and as per books of accounts - The assessee is maintaining regular books of accounts audited by independent...

  13. Penalty u/s. 271A - confusion between the ‘books of account’ as per section 44AA and the ‘accounts’ as per section 145(3) - no finding either by the AO or by the CIT(A)...

  14. Addition u/s 68 - assessee has shown its return of income u/s 44AD - it is undisputed fact that the assessee had not maintained books of account that is why he opted for...

  15. Addition u/s 68 - addition of the cash deposits in the assessee’s savings bank account - as the bank account of an assessee cannot be held to be the 'books' of an...

 

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